i know that unbolted has defaults but how often do defaults actually resulted in a loss of either capitol or interest. i have to say i dont understand the info i get back after a default but never look like i have lost any payments.
thanks
I've recently passed 6 months with the platform and have received my first "Payment from sale upon default credited" emails. Two loans have been settled following sales, one Gold Trust and one Provision Trust.
2DFDC2DE5 (Gold Trust 0.65% per month)
Initial loan amount including setup fees = £1,002.19
Sales after default = £1277.73 (gross proceeds from two sales of £474.65 + £803.08)
Lender share = £1042.95 (£249.87 + £793.08)
Contribution from Trusts = £0.00
Capital and interest were covered by the sale of the two items so it wasn't necessary to use the provision fund. Interest paid was £40.76 which equates to 190 days*. The loan started on 10 Feb and proceeds from the sales were paid on 18 Aug - 190 days inclusive.
2DFDC2C8A (Provision Trust 0.85% per month)
Initial loan amount including setup fees = £319.30
Sales after default = £310.00 (gross proceeds)
Lender share = £319.30
Contribution from Trusts = £0.00
Not sure how the gross proceeds exceeds the lender share unless it was topped up directly by Unbolted without recourse to the provision fund? Regardless, only capital was returned on this loan, which is in accordance with the Provision Trust (protects capital only whereas the Gold Trust protects capital + interest).
Any experienced Unbolted users like to add their experiences of defaults?
*£40.76 / (£1,002.19 * 0.65% * 12/365)